December Brent crude gets another lift from Mid East news as expiry looms

Yesterday afternoon Brent crude slumped to a fresh low on the week. The price fell back to set a low at $70.72. Prior to that it has bounced above $72.50 on headlines emerging from the Middle East, as reported on here at the time. However, of course that rebound did not hold, but Brent did come off its lows into the NYMEX settlement and later ended on that index, $0.30 lower, at $71.12. So, far today the price has managed to press a little higher, due entirely to fresh headlines reported here a short while ago, again regarding the situation in the Middle East. Perhaps we should also note; that the December contract will expire today and that might be a factor supporting the limited recovery this morning. The range seen so far today has been covered by $71.08 to $71.71. Brent is currently trading at $71.70